Crude oil dipped on Wednesday, set to stretch its losing streak for the past six trading sessions, as global investors remained concerned that the world's economic growth was faltering.
By 0911 GMT (5:11 a.m. EDT), U.S. crude oil futures fell 10 cents to $71.88 a barrel, after touching $71.09 on Tuesday, its lowest intraday price since June 8. ICE Brent crude futures were 6 cents down at $71.38.
Thorbjorn Bak Jensen, analyst with Global Risk Management in Denmark, said the oil market would continue to be influenced by macro economic data as participants try to assess future demand for crude.
But the downside in oil prices may be limited by an expected fall in U.S. oil inventories when weekly data is released from the American Petroleum Institute (API) at 2030 GMT and another set from the government on Thursday.
The release has been delayed by one day due to the U.S. Independence Day holiday on Monday.
Today's important numbers include the eurozone revised first quarter GDP, German industrial orders, U.S. Redbook and chain store sales figures..., Jansen said.
A large expected crude inventory draw is keeping prices afloat during early trading. API inventory figures are due 20:30 today. In our opinion, speculators believe that the markets are generally oversold and will be looking to take positions upon any positive news...
Euro zone economic growth in the first three months of 2010 was confirmed on Wednesday at 0.2 percent quarter-on-quarter and 0.6 percent on the year, European Union statistics office Eurostat said, but any stronger expansion in the second quarter could be short-lived.
U.S. weekly oil data is likely to show a 2.6 million barrels drop in crude stocks in the United States, the world's top oil consumer, in the week to July 2, a Reuters poll of analysts showed.
Gasoline inventories were forecast down 300,000 barrels.
Investors will also closely watch fuel demand in the United States as consumption of gasoline and middle distillates, such as diesel, increased year on year in recent weeks.
In the global market, sentiment remained pressured by the U.S. Institute for Supply Management's reading on service sector activity on Tuesday which showed growth in June, but at its slowest pace since February, heightening concerns about sluggish economic recovery.
Along with continued worries about euro zone sovereign debt, the slowing pace of recovery, particularly in the United States, has deterred investment in riskier assets.
World stocks as measured by MSCI were down 0.6 percent having gained 1.7 percent on Tuesday.
In Europe, the FTSEurofirst 300 was down nearly 1.5 percent in early trading.
The euro slipped off a seven-week high with eyes on a European committee of bank supervisors, which is to outline on the methodology of a stress test on about 100 banks in the euro zone and other countries.
(Reporting by Alejandro Barbajosa in Singapore; editing by Keiron Henderson)